Investing in Zanaga Iron
The Zanaga Project is regarded as a globally important strategic development asset. Iron ore prices have stayed strong for a lengthy period, and looking ahead, the outlook is very positive for premium high-quality iron ore products.
As global steel markets transition away from traditional Blast Furnaces to Electric Arc Furnaces (EAFs) in an effort to decarbonise the supply chain, the iron ore market shifts toward an increasing requirement for high-grade products.
The EAF steel market share is projected to rise from 29% in 2025 to 50% by 2050, driven by lower operating costs, increased efficiencies, and reduced emissions. The shift to EAF will necessitate a significant boost in the supply of Direct Reduction Iron (DRI), with global iron ore major companies forecasting declining iron grades with more impurities, which will increase premiums for high-quality products.
The Zanaga Project is well-positioned in terms of scale and quality, offering DRI-grade product at a 30 Mtpa scale.
In numbers
US$5.2bn*
NPV, August 2025
30 year life
Life of mine (Based on a DRI Pricing Case: 65% Fe CFR China US$115/t, 68% Fe CFR China US$130/t)
Investment highlights
100% ownership of a
world-class project
1. Scale
Large-scale JORC compliant Resource and Reserve
One of the largest discovered iron ore resources in Africa
6.9Bt
resource
2.1Bt
reserve
2. Quality
High quality DRI-grade product with further enhancement potential
Hematite
68.5% Fe + low impurities
Magnetite
69.1% Fe + low impurities
3. Low costs
Low operating costs
First quartile cost curve*
*on a value adjusted basis
4. Ownership
100% ownership
100% owned, providing full strategic flexibility
5. Jurisdiction
Stable jurisdiction with a supportive Government
Zanaga has built positive legacies with the Government and people of the RoC, and has developed strong relationships with strategic business partners who share our vision.
6. Management team
Experienced management team
Our management team hosts a wealth of experience related to the Zanaga Project and other notable world class projects, levering strong relationships with industry partners.
Our investors bring world-class expertise and strategic relationships critical for advancing the Zanaga Project
